Casino Stocks Rise as on Good Macau News: Market Bloodbath Wednesday?
Tuesday we had the first good news surrounding the Macau gaming sector in quite some time as a number of casino companies with exposure there saw their stock prices rise.
Las Vegas Sands Corp, Wynn and MGM all witnessed upward momentum on Tuesday following news that the Chinese gambling enclave will start to relax visa requirements.
Betting in Macau has been in steep decline amid a government crackdown on corruption, with gambling revenue slipping 24% in the 12 months through May.
Tuesday’s jolt could help ease what many believe will be inevitable pain on Wednesday with June revenues expected to show a decrease of nearly 40 percent. Those numbers were supposed to be released overnight Tuesday (during the day Macau local time Wednesday).
- Aaron Goldstein, Gambling911.com
